MIAMI, Sept. 11, 2024 – JLL Capital Markets announced today the sale of 2292 W Sand Lake Rd., a 149,570-square-foot freezer-cooler warehouse in Orlando, Florida.
JLL represented the seller, a joint venture between Banner Property Group and an institutional investor, while IP Capital Partners, LLC purchased the asset. Additionally, working on behalf of the new owner, JLL arranged the fixed-rate acquisition loan with a life insurance company.
2292 W Sand Lake Rd. is a highly functional cold-storage building, offering full freezer capability, six flexible temperature zones, 23.5- to 24.7-foot clear heights, 20 dock positions, six rail doors and abundant truck and car parking. The seller recently executed extensive capital improvements to renovate the facility.
The facility provides a strategic last-mile location for both local and regional distribution, serving some of Florida’s major demand drivers like Orlando International Airport, Port Canaveral, downtown Orlando and several globally renowned theme parks. Moreover, it provides access to over 3.5 million consumers within a 60-minute drive through Orlando’s major thoroughfares such as I-4, FL’s Turnpike and John Young Pkwy, among others.
The property is fully leased to Quirch Foods, an international food distribution company. Quirch Foods, which has been at this location for over 17 years, is one of America’s Largest Private Companies (#132 Forbes), generating over $5 billion in revenue and employing 2,000+ people.
The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais, Director Wells Waller and Associate Taylor Osborne.
“During and after the pandemic era, the demand for functional warehouse and logistics space tailored for climate-controlled handling, manufacturing and distribution operations has experienced a significant surge, both in the United States and globally,” said Castillo. “2292 W Sand Lake Rd. presented the ideal opportunity to meet investor demand and capitalize on the remarkable growth of this specialized asset type, given the scarcity of supply, high entry barriers and increased space requirements from major players in the sector.”
“2292 W Sand Lake Rd.’s infill location, recent upgrades implemented by Banner, and tenured tenancy contributed to a competitive marketing process and bolstered our team’s conviction in this high-barrier industrial sector,” added Brais.
The JLL Capital Markets Debt Advisory team that represented the new owner was led by Senior Managing Director and Miami Office Co-Head Chris Drew, Senior Director Michael DiCosimo and Analyst Jovi Rodriguez.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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